The latest report by IMARC Group, titled "Medical Power Supply Market Report by Type (Open Frame Power Supply, Enclosed Power Supply, Adapter Power Supply, Converters), Converter Type (AC-DC Power Supply, DC-DC Power Supply), Application (Diagnostic, Imaging and Monitoring Equipment, Surgical Equipment, Home Medical Equipment, and Others), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the market. The global medical power supply market size reached US$ 1.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.
Factors Affecting the Growth of the Medical Power Supply Industry:
- Growing Healthcare Infrastructure:
The expansion of healthcare infrastructure globally is a major driver for the medical power supply industry. Increasing investments in healthcare facilities, especially in emerging economies, boost the demand for medical equipment and, consequently, the power supplies that support them. The rise in chronic diseases, an aging population, and the need for advanced diagnostic and therapeutic equipment further propel this demand. Additionally, the trend toward home healthcare and portable medical devices requires reliable and efficient power supplies. The continuous growth and modernization of healthcare infrastructure, coupled with the rising adoption of advanced medical technologies, significantly contribute to the expansion of the medical power supply market.
- Regulatory Compliance and Standards:
Stringent regulatory standards and compliance requirements play a crucial role in shaping the medical power supply industry. Medical devices and their power supplies must adhere to rigorous safety, performance, and quality standards set by regulatory bodies such as the FDA, IEC, and ISO. Compliance with these standards ensures the safety and reliability of medical devices, which is paramount in the healthcare sector. Manufacturers invest significantly in research and development to meet these regulatory requirements, leading to innovations in design and production processes. The need to comply with evolving regulations and standards drives the demand for advanced medical power supplies, contributing to market growth.
- Technological Advancements:
The medical power supply industry is significantly influenced by technological advancements. With the rapid development of medical devices and equipment, there is a growing demand for compact, efficient, and reliable power supplies. Innovations such as wireless charging, miniaturization, and enhanced power efficiency are crucial in meeting the evolving requirements of modern medical equipment. Additionally, the integration of advanced technologies like IoT and AI in healthcare devices necessitates power supplies that can support these sophisticated functionalities. The continuous improvement in power density, thermal management, and safety features of medical power supplies drive their adoption across various healthcare applications, thereby fueling market growth.
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Leading Companies Operating in the Global Medical Power Supply Market
- Advanced Energy Industries Inc.
- Cosel Co. Ltd.
- CUI Inc.
- Delta Electronics Inc.
- FRIWO Gerätebau GmbH
- GlobTek Inc.
- MEAN WELL Enterprises Co. Ltd.
- SL Power Electronics Corp.
- SynQor Inc.
- TDK-Lambda Corporation (TDK Corporation)
- Wall Industries Inc. (Continental Resources Inc.)
- XP Power.
Medical Power Supply Market Report Segmentation:
By Type:
- Open Frame Power Supply
- Enclosed Power Supply
- Adapter Power Supply
- Converters
Enclosed power supply dominates the market due to its widespread use in various medical devices requiring robust protection and high reliability.
By Converter Type:
- AC-DC Power Supply
- DC-DC Power Supply
AC-DC power supply accounts for the largest market share due to its essential role in converting alternating current to direct current for medical equipment operation.
By Application:
- Diagnostic, Imaging and Monitoring Equipment
- Surgical Equipment
- Home Medical Equipment
- Others
Diagnostic, imaging, and monitoring represent the largest segment due to the increasing demand for advanced diagnostic tools and continuous patient monitoring systems.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the medical power supply market is attributed to its well-established healthcare infrastructure, high adoption of advanced medical technologies, and stringent regulatory standards.
Global Medical Power Supply Market Trends:
The global medical power supply market is witnessing significant growth driven by several key trends. The increasing adoption of portable and home healthcare devices is boosting demand for compact and efficient power supplies. Technological advancements, such as wireless charging and miniaturization, are enhancing the performance and reliability of medical power supplies. Additionally, the implementation of stringent regulatory standards are prompting manufacturers to innovate and ensure compliance. The growing focus on patient safety and the integration of advanced technologies like IoT and AI in medical devices are further driving market expansion. Emerging markets, with their expanding healthcare infrastructure, are also contributing to the rising demand for medical power supplies.
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According to research report the report Medical Power Supply Market is expected to reach USD 1,218.6 Million by 2022 from USD 885.3 Million in 2017, at a CAGR of 6.6% from 2017 to 2022.The major factors driving the growth of this market can be attributed to the growth in funding and infrastructure development, advancements in medical power supply products, and rising trend of home healthcare.While product launch and enhancements remain at the center of the strategic growth initiatives pursued by a majority of the key players in the global medical power supply market, players are also focusing on increasing their presence in the high-growth markets through agreements, expansions, and acquisitions.
XP Power (Singapore), Spellman High Voltage Electronics Corporation (U.S.), Powerbox International AB (Sweden), Meanwell Enterprises (Taiwan), Handy and Harman (U.S.), Globtek (U.S.), FRIWO Gerätebau (Germany), Delta Electronics (Taiwan), and Astrodyne TDI Power Supplies and EMI Filters (U.S.) are focusing on new product launches and enhancements to enhance their market presence.Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1208Astrodyne TDI Power Supplies & Emi Filters (U.S.) is another prominent player in this market.
The company offers power supplies and EMI filters for the industrial, semiconductor manufacturing, medical, consumer appliance, military, and aerospace sectors.
For the medical sector, the company offers a wide variety of medically-approved power solutions to fit applications such as heart-assist devices, medical carts, and surgical tools with the power range of 5 watts to 450 watts.
Astrodyne TDI Power Supplies & Emi Filters has engineering centers in Hackettstown, NJ, U.S. and Shenzhen, China and manufacturing centers in the U.S. and China.
The company mainly focused on both organic and inorganic growth strategies such as product launches and acquisitions to strengthen its market position.
